The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-10-06
A HEALTHY SHOWING
The Semi-Annual Report Of
4. G. NJ. I.
A FIVE PER CENT. DIVIDEND.
Election Of Officers and Directors
WilfOrd Woodruff Succeeds John
Taylor, as President

The semi-annual meeting OF the
stockholders of q. G. NJ. l. was held,
as usual, in the Social II I'll yesterday at
2 p. M. There was a good attendance.
over half of the stock being represented
-5,G COZ shares out of total OF 10000.
Vice-President Eldredge presided.
The first business after the meet
ing was called to order was the reading
of the thirty seventh semi-annual re-
port, which was made by the vice-presi-
dent, from which we CLEANED the follow
ing: The death of President Taylor
was announced in formal way in the
report, and il then goes Oh ~ say that
the business for the past SIX months
has been exec dingIv gratifying
a very satisfactory showing had
been made. Compared with d year
ago the sales had fallen off about Sl0,-
zoo. nut this was attributao to the
faCt that in the absence OF the farmers
throughout the country holding any
mar keJa bic products, cash with them
was scarce, and instead of pushing
sales, the institution had tried to dis
courage the credit system, believing
shelves than in the hands OF people
who could not meet their bills when
they became due. During the last two
months, however, trade bad bright
ened up considerably, and the sales
curing the month of August showed an
increase of $4,000 over those of the
same period year ago. The prospects
for the coming six months were nigh y
encouraging reports from all
sections OF the country showing that
while the fruit crop had measurably
been a fallure-at least 25 per cent. less
than year ago, still the cereal crops
were generally heavy. In some places
light crops were reported, but in other
places the yield was heavy enough to
more than make up for it.
There was paid to railroad and ex-
press companies for freight during the
six months, Sl4S, 9S5.15. Compared
with q year ago, the liabilities OF the
institution have been reduced $l,S26.Gi
Cash aud merchandise on hand ag-
gregated $1U70 ,335 -. or $685., 4i2 IS
more than the sum total of all other
liabii ties, exclusive, of course. OF the
capital stock and other reserves, notes,
book accounts, buildings. etc.
The net gain for the Six months was
$85, 0Sl 81, which was disposed Of as fol
lows:
a dividend OF 5 per cent. on the cap
ital stock, amounting to $50 900; dis
count on real estate, 81, G73 IS; prOvi-
sion for doubtful notes and accounts,
81, Tg0 63 land the balance, $25 ,687 ST, was
passed 10 the reserve fund, which sWells
this TO over $3.50 600
The repor was unanimously adopted.
Article 10 of the Articles of 1Associa-
ton was amended so as to allow the
officers of the institution a compensa-
ton not to exceed $3.50 per annum. at
the discretion of the directors. The
officers meant are the seven directors,
president and yice-pres n.
The election of officers resulted as fol-
lows:
president, Il. S. Eldredge; seCre: sry
and treasurer, T. 6. Webber. Directors
George Q. Cannon, Joseph T. smith,
Moses Thatcher, H. J. Grant, John
Sharp, George Romney, ]. R. Winder.
The statement Of assets and liabilities
is given below: